News

A NUMBER of RAB Capital directors and employees sold a total of more than 57m shares in the hedge-fund manager last week.

Chairman Michael Alen-Buckley and chief executive Philip Richards released 25m shares at 50p to net £12.5m each, leaving them both with 125m — 31.12% of the issued share capital.

Executive director Schehrezade Sadeque disposed of 700,000 shares at the same price to raise £350,000 and cut her holding to just over 1%, or 4.2m shares, while finance director Christopher de Mattos sold 600,000 and now holds 4.1m.

The shares were bought by 14 individuals and institutions, including steel-mill billionaire Lakshmi Mittal, who became a major investor in the group, acquiring a 4.48% stake.

Sofina, a listed Belgian company controlled by the Solvay family, bought 5.5%.

RAB’s share price went above 70p in March after it reported a 65% rise in pre-tax profit and a 75% increase in assets under